completing fafsa: what you need to know - college board · 2017-04-21 · •free, federal online...
TRANSCRIPT
Completing FAFSA:What you need to know
Susan McCrackinSenior Director, Financial Aid Programs
The College Board
Questions during today’s session
Please feel free to submit questions, though we will not be able to address everyone today.
We will:
• Answer some questions today
• Create and publish answers to the most frequently asked questions
• Share a list of resources
Featured speaker: Susan McCrackin
Senior Director, Financial Aid MethodologyFinancial Aid Services at the College Board
• Oversees the Institutional Methodology many private schools use to award aid
• Supports CSS/Financial Aid PROFILE
Before the College Board, Susan served as:
• Director of Financial Aid at Wofford College
• Free, federal online application
• Available January 1
• Completed by US citizens and eligible non-citizens
• Most colleges and universities, states and some scholarship organizations use FAFSA to determine eligibility
• Types of aid available are grants, scholarships, work-study and loan programs
• FAFSA can be sent to multiple colleges and universities
Free Application for Federal Student Aid (FAFSA)
http://www.fafsa.gov
• Free, federal online application
• Available January 1
• Completed by US citizens and eligible non-citizens
• Most colleges and universities, states and some scholarship organizations use FAFSA to determine eligibility
• Types of aid available are grants, scholarships, work-study and loan programs
• FAFSA can be sent to multiple colleges and universities
Free Application for Federal Student Aid (FAFSA)
http://www.fafsa.gov
Who should apply?HINT: It’s everyone!
Do I have to apply each year?
I have more than one child in college; can I complete one FAFSA for both?
Will I get the same amount of aid each year?
What if I don’t think I will qualify for aid?
How much income can I make and still qualify for aid?
Applying for aid
When should I apply?
Deadlines are determined by each:• College or university• State• Scholarship organization
The earliest deadline is before I can file my taxes – what do I do?
My son is interested in taking a gap year before entering college, should I apply for financial aid now?
BigFuture: College profiles
Everything you need can be found on a college’s profile. From bigfuture.org, type in the school you are interested in…
BigFuture: College profiles
Within the paying tab, you will find:
• Average net price by income level• Cost of Attendance information• Financial deadlines and application forms
required• Financial aid policies• Direct access to school’s Net Price Calculator
College profiles: • Most colleges/universities have profiles• Data is updated every year• Data is provided by the college themselves• Wealth of information, though today we are
focusing only on the “pay” information
BigFuture: College profiles
BigFuture: College profiles
BigFuture: College profiles
BigFuture: College profiles
Before you begin
• Gather necessary documents• Update your browser• FAFSA worksheet
Remember, it’s a marathon not a sprint!
Before you begin
Before you begin
Before you begin
Most newer browsers are supported
Before you begin
FAFSA on the web - Help
Let’s meet… Lexi Cavachon
• Tonight, we’re going to complete the FAFSA with Lexi Cavachon and her mom
• Lexi is a high school senior and plans to enroll in college in the fall of 2013
• Lexi lives with her mom, who is separated from Lexi’s father
• Lexi has two younger siblings
Welcome to FAFSA: fafsa.gov
Welcome to FAFSA: fafsa.gov
Welcome to FAFSA: fafsa.gov
Welcome to FAFSA: fafsa.gov
Create your FAFSA PIN
Create your FAFSA PIN
Create your FAFSA PIN
Create your FAFSA PIN
Start a new FAFSA
FAFSA: Student data
FAFSA: Student data
FAFSA: Help and hints
FAFSA: Help and hints
FAFSA: Login
FAFSA: My FAFSA
33
FAFSA: Creating password
Example of a password phrase:
mIKy2kLg
FAFSA: Navigation
FAFSA: Navigation
FAFSA: Navigation
FAFSA: Navigation
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student demographics
FAFSA: Student selection
FAFSA: Student selection
FAFSA: Student selection
FAFSA: Student selection
FAFSA: Student selection
FAFSA: School selection
FAFSA: Dependency determination
FAFSA: Dependency determination
FAFSA: Dependency determination
FAFSA: Parent demographics
FAFSA: Parent demographics
FAFSA: Who needs to provide information?
Are your parents married to each
other?
par·ent noun \per-ənt\Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
FAFSA: Who needs to provide information?
par·ent noun \per-ənt\
Yes: Then both parents provide their information.
Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
Are your parents married to each
other?
FAFSA: Who needs to provide information?
par·ent noun \per-ənt\
NO: Ask yourself these questions.
Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
Are your parents married to each
other?
FAFSA: Who needs to provide information?
Are your parents separated or
divorced?
par·ent noun \per-ənt\Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
FAFSA: Who needs to provide information?
par·ent noun \per-ənt\
YES: The parent the student lives with the most is the custodial parent and the one who provides their information.
Are your parents separated or
divorced?
Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
Who needs to provide information?
Is one of your parents
deceased?
par·ent noun \per-ənt\Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
Who needs to provide information?
par·ent noun \per-ənt\
YES: The surviving parent provides information.
Is one of your parents
deceased?
Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
FAFSA: Who needs to provide information?
Has your widowed or
custodial parent remarried?
par·ent noun \per-ənt\Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
FAFSA: Who needs to provide information?
Has your widowed or
custodial parent remarried?
par·ent noun \per-ənt\
YES: Then the stepparent will also provide their information.
Middle English, from Anglo-French, from Latin parent-, parens; akin to
Latin parere to give birth to; First Known Use: 15th century
FAFSA: Who does not provide information?
If you live with relatives – like your grandparents, and they have NOT legally adopted you
Foster parents or legal guardians
Your noncustodial parent
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
Type Amount
Cash $ 500.00
Savings $2,500.00
Checking $2,000.00
Total $5,000.00
FAFSA: Financial information
Type Amount
Business $ 0.00
Investment Farm
$ 0.00
FAFSA: Financial information
Type Amount
MutualFunds
$10,000.00
529 plans $ ??
FAFSA: Financial information
FAFSA: Financial information
Type Amount
MutualFunds
$10,000.00
529 plans $40,000.00
Total $50,000.00
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Financial information
FAFSA: Sign & submit
FAFSA: Sign & submit
FAFSA: Sign & submit
FAFSA: Sign & submit
FAFSA: Sign & submit
FAFSA: Sign & submit
FAFSA: Sign & submit
FAFSA: Sign & submit
What happens next?
• A confirmation page will be emailed to Lexi at the email address she provided
• Once tax returns have been filed, Lexi and her mom will return to the FAFSA to transfer tax data directly from the IRS
• Lexi will receive her Student Aid Report, or SAR, each time she submits her data
• Her colleges will also receive her FAFSA data electronically each time she submits her data
• Each college will use the FAFSA data to determine Lexi’s aid eligibility at that college
Communication
• Important to understand that most communication now will happen between Lexi and her colleges
• Colleges will now:
Collect additional information from Lexi and her mom, if required
Inform her as to next steps she is to take
Notify Lexi about her aid eligibility
Administer any aid Lexi receives
Just remember…
• Don’t panic – this is just a form
• Gather your documents before you start
• Take your time
• Read each question carefully
• Check to make certain you are answering parent/student questions correctly
• Cheer loudly after you hit submit
• You probably will have to do this again next year
FAFSA free resources
• FAFSA resources
• http://www.fafsa.gov
• FAFSA, 800-4-FED-AID (433-3243)
• FAFSA Live Chat
• Financial Aid office of the school(s) you are interested in
• Your High School Counselor/College Advisor
BigFuture free resources
bigfuture.org• Pay for college section• College profiles• Make a plan• For Parents• [email protected]• www.facebook.com/mybigfuture
Printable resources available• Financial aid checklist• Financial aid timeline• Required forms and deadlines template• Net price calculator tip sheet
BigFuture webinars
• View previous webinars:
Financial Aid: Tips and Information for High School Seniors
Completing the CSS/Financial Aid PROFILE® : What you need to know
• Completing FAFSA: What you need to knowDate: January 29, 8:30-10:00 PM EST
Register at: http://bigfuture.org/get-started/for-parents
Questions?
Wrap up